Agree Realty Co. (NYSE:ADC) Shares Bought by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co boosted its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 4.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 199,658 shares of the real estate investment trust's stock after purchasing an additional 8,576 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.19% of Agree Realty worth $14,061,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Agree Realty by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust's stock valued at $1,025,044,000 after purchasing an additional 219,806 shares during the last quarter. Cohen & Steers Inc. raised its holdings in shares of Agree Realty by 43.0% in the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after buying an additional 2,937,147 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after acquiring an additional 1,020,512 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Agree Realty by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust's stock worth $150,255,000 after purchasing an additional 57,492 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on ADC shares. Wells Fargo & Company raised their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a report on Monday, March 10th. Stifel Nicolaus lifted their price target on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday. Royal Bank of Canada decreased their target price on Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. Mizuho raised their price target on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Finally, Barclays upgraded Agree Realty from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $80.50.

Agree Realty Trading Down 2.4 %

Agree Realty stock traded down $1.92 during midday trading on Wednesday, reaching $77.20. 2,688,077 shares of the stock traded hands, compared to its average volume of 995,695. The firm has a market cap of $8.29 billion, a PE ratio of 43.37, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 12-month low of $57.02 and a 12-month high of $82.03. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a 50-day simple moving average of $74.94 and a two-hundred day simple moving average of $73.97.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The firm had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same period in the prior year, the company posted $0.43 earnings per share. Research analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be issued a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. This represents a yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is 172.47%.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.